A condominium, usually just called a condo, is any kind of residential ownership where individual units within a larger complex are sold rather than rented. If a similar setup existed where the units were rented, it would be an apartment. In many cases apartments become Las Vegas strip condos, they “go condo” and the existing tenants are given the option to buy their unit or vacate the premises.
For those who purchase a condo, whether it was built new as a condominium or converted from an apartment building own everything from their exterior walls inward. Everyone in the building has a share in the common areas such as the clubhouse, pool, tennis courts, elevators, etc. The condominium association; of which all owners are a member of, pay monthly dues which are used for the upkeep and maintenance of these common areas. In the event one of the complexes that include Las Vegas strip condos has a major problem, the owners may be assessed a fee to attend to the problem.
Although a condo removes a great deal of burden of the owner, there are still some drawbacks to condominium life. If sharing the common facilities with others is not your ideal, then single family home ownership is a better option. In a condo, everyone shares in the facilities equally, which for some is part of the charm of condo living. Las Vegas strip condos are certainly cheaper than the equivalent single family home and just any other property, a condo does allow for a build-up of equity. Selling a condo can be more difficult than a single family home because when you buy a condo, you do not get any land, just the unit.
Many people who take to condo living are those who have lived in apartments for years and are comfortable in living with close neighbors. These habitual renters often reach a point where they prefer to own rather than rent but they do not want the hassle of maintenance.
Although condo living has its financial benefits over apartment renting, the owner must understand that he is now part of a group that can make decisions that have an effect on all. The owners of Las Vegas strip condos should make sure they take part in association meetings so they can participate in the decision making process.
For Las Vegas strip condos second to none, visit The Martin. Just 585 steps from the strip, The Martin provides impeccable services and amenities for the owners whether they are in residence full time or occasionally.
